Prices are up on groceries, travel and transportation
Chances are, you’ve noticed that a lot of things get more expensive as the economy recovers.
An article written by CNN Business found that consumer prices overall rose 5% last month from May 2020, and it was the biggest increase since the summer of 2008.
Titus Pittman, a financial planner, explains that the jump is due to inflation, which can occur when there is an increase in demand for products and services.
âAirlines basically shut down last year,â Pittman said. âNow they are trying to make an income by raising the prices. “
The same article reveals that airline ticket prices rose 7% last month, and cars and trucks are 12.1% more expensive to rent. Unsurprisingly, prices for used cars and trucks jumped for the second consecutive month – 7.3%.
In April, used car prices rose 10%, which CNN Business said was the largest monthly price hike since used car data began to be tracked in 1953.
The article found that new car prices rose 1.6% in May.
The overall cost of food rose 0.4% in May, the same increase as in April.
âEverything has gone up – five cents, ten cents – it’s ridiculous,â said Babsie Rosemblett, a Jacksonville resident.
The price of roast beef and beef steaks also rose 6.4% and 4.3% respectively last month. Prices for meat, poultry, fish and eggs rose more than 1.3% last month.
Pittman says prices should continue to rise as things have reopened.
âOn average, it’s been about 20% that we’ve saved by not going to events,â Pittman said.
He said it’s best to start budgeting your money now.
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